The old Larkfield building was situated adjacent to the new building occupied by Balmoral. The PFI was structured so that the old school site and land was used to build a large housing development and building the new school next to this site.

The BELB are tied to a 25-year contract, which was inflation-proofed, and in 2006 the BELB paid more than £370,000 to use the school. Even discounting inflation, a minimum of £7.4m will have to be paid out over the remaining period of the contract, whether the school remains empty or not.[2] At present, their Regional Training Unit occupies part of the Balmoral building. The project was described, by the Belfast Telegraph, as "botched".[4]